Chasing Money Away from Key West

I took these photos from the balcony of a Harbour Place Condominiums in February 2016 when I blogged about one of the waterfront condominiums that was then for sale.

In a few weeks Key West voters will vote on a referendum to limit the size of cruise ships that dock in Key West. There a yard signs up all over town recommending passage of the referendum to limit size and call for smaller, cleaner, safer ships. I have never taken a cruise ship nor wanted to. I don't like interacting with strangers - especially cheap Americans. But I am a snob. I am not, however, advocating passage of the referendum. I think passage would depress the Key West economy more than it is already depressed.

I lived in Denver all of my life until December 1993 when I moved to Key West. I flew somewhere almost every week between 1990 and 1993 using United  and Continental which both normally packed no matter where I flew.

The City of Denver increased gate fees to Airlines in 1994. Both United Airlines and Continental Airlines had HUBS at Stapleton International Airport, the predecessor to current Denver International Airport. Continental Airlines balked at the increased gate fees abandoned Denver as a HUB. It still flew into and out of Denver, but it reduced  the number of flights which dramatically lessened the total revenue to the City of Denver. This was not the result Denver officials had intended. 

Southwest Airlines initiated flights to Key West in 2012 giving locals more affordable flights out of Key West to Southwest destination cities. Then the City of Key West increased gate fees to Southwest making Southwest's venture in Key West less profitable. Southwest abandoned Key West in 2014. This probably was not what the City of Key West had intended.

Key West has boarded up businesses all over town - not just restaurants and bars, but dry cleaning stores, tourist related shops, SEARS, PIER ONE, and more on the way. Voters should really consider what they hope to achieve by limiting the ability of the cruise industry to make a buck in Key West. There are many ports out there. I think passage of the referendum could prove very damaging to our economy. Life is full of unintended consequences.

Buying Spree at the Key West Golf Club Community

I have written numerous blogs about particular listings at the Key West Golf Club Community over the years including many during and after the Great Recession when there were so many short sales and bank owned units for sale. I estimate I have sold over 41 of the 390 homes in this planned unit development built around 46.5 acres located just five miles east of Old Town Key West. Amenities include a huge community pool, a smaller pool, community room including fitness center, a butterfly garden, and playground.  The Reese Jones 18 hole golf course is open to the public.

The golf club community was started in 1996 and built out over the next four years. All of the units are referred to as town homes as that permitted construction of units on lots smaller than required by Key West building code. Sizes of the homes vary from 780 Sq Ft  for "bungalows" to 1,800 Sq Ft for stand alone homes with private pools in The Sanctuary.

I started to notice a significant increase in the number golf course homes going under contract over the the summer - much more so than in previous years. And during the past week or so I saw the MLS explode with new properties going under contract or closing. During the month of September nine homes sold. Seven of the "bungalow" units sold at an average price of $454,143 and a price per Sq Ft of $456 per Sq Ft. There were also two single family homes located in The Sanctuary that sold for an average sales price of $777,000 or $440 per Sq Ft. I consider this many sales in one month during a world wide pandemic a buying spree.

As of this morning there are only eight active listings listed for sale. The least expensive is 780 Sq FT 2/1 at $393,000 and the most expensive is a Spa Home located in The Sanctuary offered at $625,000. The average asking price on all units is $450,000 or $512 per Sq Ft. 

Compare the average asking for golf club homes to the rest of Key West for homes priced under $625,000. There are 16 such homes available at an average asking price of $524,738 or $494 per Sq Ft. While some of these homes have been updated, most are much older and many are less desirable because of location.

If you are looking for a new home in Key West please consider working with me, Gary Thomas, 305-766-2642. I am a buyers agent at Preferred Properties Key West. The homes at the Key West Golf Club Community may be just what you are looking for. 

 

Key West Real Estate Throwback Thursday No. 5

From: Valentine's Day 2018

Strange Love in Key West - A True Story

 

 

I always preference my little tales of Key West by telling my Dear Readers that the stories are true as opposed to stuff that comes out of Washington and reality television. You can't make up the truth, and, sometimes, the truth hurts.

A few years ago on the week before Christmas, I was setting up a listing of my office to host a Saturday afternoon open house. I turned on the lights and opened the door to the pool at the rear. I placed my open house signs out in front and prepared to talk to passersby.

I had been sitting on the cute-as-can-be front porch when I noticed the neighbor was hanging Christmas lights on his two story duplex home next door to the east. I walked out to the sidewalk and started a conversation. I looked up and saw what I assumed was his wife on the second floor front porch. They kept doing their respective decorating as he told me about the joys of this Old Town location.

He told me something I had not heard before. He said he lived on the first floor of this home and his wife lived on the second. I thought the arrangement odd. It was not until three years ago that I found another couple who also lived in a two story house who shared their spaces the exact same way.  I know a lot of folks who live together no long share their bedrooms, but living in separate floors was rather odd even for Key West.

All of a sudden and without notice the wife dropped the hammer from her hand. The law of gravity set in.  It fell. And landed on her husband's head.   He screamed. I instantly appreciated why they lived in separate parts of the house.

Now there can be two theories as to what happened either of which is plausible. One is the wife dropping the hammer was totally accidental. I as a witness could testify to that in court. I could have told a judge and jury she was totally innocent.  On the other hand, I could testify she waited until I distracted him from what he was doing and then she dropped the hammer squarely on his head.

I have told friends this story for years. I don't really know her intent.  But I thought it very strange what happened occurred while I was there to watch it. Who knows?

1217 Grinnell Street, Key West

 

Just Listed 1217 Grinnell Street, Key West.  This is a free standing single family home located on a 3,386 Sq Ft Lot lot in the Grinnell Gardens Compound.  Long time readers may recall I have written about other units here including a single family home I listed in February of this year. It sold during the first week it was on the market. This property may sell just as quick. Let's look in back and then go inside.

The Grinnell Gardens Compound was built in 1990. There are two two story duplex type town homes and three single family homes situated on individual lots. 1217 Grinnell is one of two of the single family homes that has its own private pool and spa. This home has been significantly renovated and is in perfect condition.

This home is located on the back south side of the complex. It is totally private. You enter into a private foyer that leads to the living room to the right or the eat-in kitchen to the left.

The 1,560 Sq Ft home shows so well because it was designed so well. Three sets of glass panel doors front onto the private courtyard with first and second floor porches and balconies. Two sets of glass doors open out to the private pool. There is a guest bath tucked at the rear of the formal dining area.

The kitchen will surpass anything you see on the marker in this price range. Period!

There is new Trex decking around the pool which also ha a dining area - lots of places to dine and entertain. The washer and dryer are located in a small a stand alone building. That keeps the noise and humidity over there and not inside the house. 

CLICK HERE to view the Key West MLS datasheet and stunning photos of this beautiful property offered at just $1,279,000. The please call me Gary Thomas, 305-766-2642, to schedule a private showing. I am a buyers agent and a full time Realtor at Preferred Properties Key West. Don't wait.

4 Gecko Lane, Key West - A Rare Tropical Paradise

4 Gecko Lane is one of my all time favorite properties in Key West. I think I saw it the very first time in 2003 soon after it was listed for sale. It was at that time a one-of-a-kind property where two houses were made into one. A few other people copied the concept but the original remains the best. The property even appeared in Vanity Fair Magazine in the mid 1980s just after the initial renovations were being completed. Let's look at some photos to see why this home is so special.

Gecko Lane is one of those Slow Lanes of Key West that I muse about. The lane is located on the north side of Eaton Street between Margaret and William Streets. If you blink while riding your bike or car, you will miss it. That is why locations like this are so sought after. They are hidden gems. Upon arrival at the front gate you enter a courtyard of what looks like three buildings separated by a large pool. As you move inward you see beautiful wood decks frame the pool as a piece of art. The gazebo at the side "connects" the master bedroom cottage with the main house.

At first look you may think the property is rather confirmed. But you would be mistaken. The lot is actually quite large - 6,312 square feet. The lot is an irregular  rectangle  that measures 161' X 45'. There is a huge yard at the rear for parking access off Roberts Lane. And there are several garden areas, patio, and outdoor shower. It's not so small after all.

Once you step inside the main living area you will be awed by the simplicity of design. Dade County Pine is framed by crisp white trim, baseboards, and crown molding. One of the two guest bedrooms is located just off the living area which has an adjacent bath. 

A second guest bedroom is located on the second level. I find these spaces just special for brothers-in-law. I think grandchildren would love this space. Kids did privacy and unique spaces.

There is lovely patio opposite the kitchen with a portion of the garden in view just beyond. Tropical foliage envelopes the entire lot.

Even though the master bedroom has a cathedral ceiling, the area is quite cozy and romantic. Imagine opening the door for a late night dip before going to bed. The master bath has two sinks, lots of storage, a marble bath, and separate WC. If you are like me, you will prefer the outdoor shower. There is nothing like showering under swaying palms or starry nights - especially when people up north are freezing in the cold of winter.

I searched the Historic Sanborn Fire Maps to try to determine when the cottages were built. The county tax records suggest the houses were built in 1925. But the 1912 Sanborn Fire Map shows both cottages existing as of that date. The lane was little more than a walkway and was not given a name of record. I added arrows to show Roberts Lane which has a gate leading to the rear undeveloped lot at 4 Gecko Lane. Roberts Lane exists onto Caroline Street. The Key West Seaport begins there. Duval Street is a five minute walk from Caroline or Eaton Street. Nothing is far away and almost anything is possible. CLICK HERE to view the Key West MLS datasheet and lots of photos of 4 Gecko Lane, Key West offered for sale at $1,499,000. Make sure to read the listing details as this house has been significantly updated. Then please call me, Gary Thomas, 305-766-2642, to schedule a private showing. I am a buyers agent and a full time Realtor at Preferred Properties Key West.